Ways to Specifiy a Gift or Bequest
Common gift specifications include a lump sum amount (e.g., $10,000) or a specific percentage (e.g., 5%) of your estate amount after taxes and expenses. An alternative is a percentage amount of your net estate after distribution of specific amounts to family members or others (recognizing that if the estate is depleted, there may not be any net funds to distribute). Other specifications can include all or a share of a specific asset, such as a house, a retirement account, or an ownership interest in an insurance policy or a business.
Bequests from a Will or Living (Revocable) Trust
We hope you'll consider including a gift to First Church in your will or living trust. As noted above, your gift can be made as a percentage of your estate, or you can make a specific bequest amount. This type of gift offers several advantages:
- Simplicity. Just a few sentences in your will or trust are all that is needed. For suggested bequest language download our Sample Wills & Trusts PDF.
- Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
- Versatility. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to the Church.
- Tax Relief. If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift's full value.
Other Types of Planned Gifts
Most planned gifts are simple bequests that are donated to the Church by the executor of an estate (if a Will) or the Successor Trustee (if from a Living Trust). A similar bequest can be achieved in some other ways, including:
- Bequests from Retirement Accounts or Annuities
- Assigning Life Insurance
- Setting up a Lifetime Charitable Gift Annuity
- Setting up a Charitable Trust
Members of the Planned Giving Committee can provide you with more details on these methods of giving.
A simple way of leaving bequests for several Unitarian-Universalist related entities, including First Church, Camp de Benneville Pines, and so on, is to specify an Umbrella Gift to the UUA. For more on this please visit the UUA Umbrella Giving Program page.